Banks warn of gold trading scams

Banks have simultaneously warned about the phenomenon of impersonating gold trading companies and banks to commit fraud, and advised customers to be more vigilant.

Gold bars at SJC headquarters in District 3 (HCMC), March 2025. Photo: Quynh Tran

Many banks such as BIDV, MB, SHB ... warn about the trick of impersonating websites, fanpages, social network accounts with domain names, interfaces and logos identical to reputable gold trading brands, making it easy for users to confuse them with the official page. The subjects also impersonate banks to commit fraud, instead of just gold trading enterprises as before.

This warning was issued by banks in response to the fact that gold trading fraud has "blossomed" recently, when the price of precious metals in the country is much higher than in the world , remaining at over 10 million VND per tael and people have difficulty buying when in need due to limited supply.

According to banks, a common scam is that after building trust, scammers spread fake news about gold or silver prices, advertise promotions, high discounts, and attractive rewards. They also invite online investment, promising high returns (daily or weekly). This is a form of fraud that shows signs of pyramid schemes or money appropriation, according to banks.

When the victim "falls into the trap", the scammers continue to send fake messages and emails to notify them of winning prizes, requesting personal information and bank accounts for profit. They even impersonate relatives, gold company employees, call or contact via social networks to approach and defraud in many different forms. Many subjects also use the "decoy" trick of posting high-profit images to stimulate customers, or send "order" confirmation papers with logos and information similar to real businesses to create trust.

Previously, Ho Chi Minh City Jewelry Company (SJC) also said that some people had created websites and fanpages impersonating this brand to scam, collect personal data and conduct transactions without a legal basis.

Faced with the volatile gold market and increasingly sophisticated fraud, banks advise customers to be absolutely vigilant when making buying and selling transactions.

SHB Bank recommends that people only transact at officially licensed locations. BIDV recommends that customers absolutely do not provide personal information, accounts, or OTP codes to anyone, including those claiming to be employees of the company or bank.

MB advises customers to carefully check fanpages, websites, clear links, and information about authorized transaction locations for buying and selling gold bars of credit institutions in the area and nationwide. This bank believes that buying and selling should be done directly at licensed business establishments.

At the same time, people need to proactively protect personal information - important digital assets, and should not arbitrarily provide it without clear verification. "Any negligence or subjectivity can create opportunities for criminals to take advantage and appropriate assets," said a representative of SHB.

Last month, the State Bank of Vietnam, Region 2 Branch, required banks and businesses trading gold bars in the area to hang identification signs and publicly post their licenses so that people can recognize them as legal buying and selling locations.

Currently, the whole country has 22 banks and 16 enterprises licensed to trade in gold bars such as SJC, DOJI, PNJ, Mi Hong, Bao Tin Minh Chau, Phu Quy Gold, Kim Ngoc Phu Gold, Ngoc Hai Gold and Gemstones...

VN (according to VnExpress)

Source: https://baohaiduong.vn/cac-ngan-hang-canh-bao-thu-doan-lua-dao-mua-ban-vang-413510.html